Bitmine Buys $480M Ethereum as Price Rebounds Toward $4,200
Ethereum's price rebounded by 8%, reaching $4,150 after a previous low of $3,652. The crypto market cap increased by 4% as traders re-entered following significant liquidations.
Key Highlights
- Bitmine (BMNR) accumulated 128,718 ETH, valued at approximately $480 million, during the market dip.
- Transactions were executed via FalconX and Kraken exchanges through six new wallets linked to Bitmine.
- Pending confirmation, Bitmine's actions might encourage other large holders to re-enter the market.
Ethereum Price Outlook
- A breakout above $4,244 (Bollinger midline and 20-day SMA) is needed for a bullish reversal.
- The current rising wedge formation presents downside risks towards $3,179 if resistance isn't cleared.
- The RSI has improved but lacks clear bullish momentum.
- A daily close above $4,244 could lead to further gains toward $4,753.
- Failure to break resistance may result in a decline to $3,734 or lower.
Institutional Interest and Maxi Doge Presale
- Institutions like Bitmine are buying Ethereum, while retail traders explore projects such as Maxi Doge (MAXI).
- The Maxi Doge presale has raised over $3.5 million and offers high-risk leverage options.